by Christy Crouch
Some say Realtors will be obsolete before long and I largely disagree. I think our customers and clients need us now more than ever before and we’ve got to answer that call.
Have you had tougher closings? Disgruntled clients? Stressed out lenders and closing offices? Feisty co-operating agents to deal with? It’s time for us an industry to educate and recondition our customers and clients expectations as to what’s going on in today’s market.
As Realtors, our job is not just to sell a home, but to educate and hold our clients hands throughout the process whether they’re buying or selling. In most cases this is their largest single investment, and there are so many different variables in the process, more now than ever before with the changing trends.
There’s more involved with getting a loan than any of us ever imagined possible, more disclosures and paperwork than most consumers will ever encounter in any other experience.
Even for us that do it every single day, it’s become a maze sometimes to figure out how to wade through it all to arrive at a successful sale and ultimate closing. Add in the short sales, foreclosures, HUD properties, and all the other different types of sales that are out here and you have quite the scenario for almost any buyer or seller to be able to figure out, and have any type of peace of mind without a professional on their side to walk them through it all.
Some say Realtors will be obsolete before long and I largely disagree. I think our customers and clients need us now more than ever before and we’ve got to answer that call.
I think spending an extra few minutes with both buyers and sellers right now to sit down either in person or over the phone to explain the entire process and all the variables and steps that may take place is crucial in building a long term solid business for yourself. Doing so will put you heads and shoulders above the competition. It will demonstrate knowledge, experience, confidence, and show your customers and clients they can depend on and trust you.
Buying and selling are like two completely different experiences. Whether buying or selling, the client should be educated about the entire process on both ends since no matter which they’re doing, there is the other side of the transaction that will undoubtedly impact their experience.
If you are working with a seller, they need to be informed of what’s going on with the lending institution right now so once you find a buyer for their home they’re prepared for what can come up during the closing process.
They need to understand the market and number of homes buyers have to choose from and the information that is being given to buyers about the housing industry right now. Don’t assume they know and understand the buying side of the market because if they’re selling they’re only concerned with their side, its human nature.
At the same time, the buyers need to be educated about what sellers are dealing with right now and what a vulnerable state most sellers are in If possible, have each put themselves in the others shoes for a moment and see another human being on the other end of the transaction. It can become very stressful and out of hand quickly with negotiations, inspections, appraisals, and underwriting for either or both parties.
The more we prepare them up front, the better off for them and for all parties involved for that matter.
It’s so easy to point fingers and place blame yet each individual in most cases is doing the best they can with the knowledge they have. The buyers are being told they can steal homes right now, and sellers are feeling they’re losing all their hard earned equity and giving away their homes.
Lenders are feeling more stress now than ever before and are barely staying afloat with all the changes in their jobs. Then there’s the pressure they’re receiving from the buyers, the agents, and the closing offices.
We need to pull together as a community and work together, agents, lenders, closing offices, appraisers, inspectors, and anyone else involved in your transaction.
I recommend taking a few hours and sitting down with two pieces of paper. On one sheet write BUYING A HOME IN TODAY’S MARKET and on the next sheet write SELLING A HOME IN TODAY’S MARKET. Then take a moment to make a list of all the things that take place and can take place throughout each process. I don’t mean this to be a checklist for you; I mean this to be an education for your buyer or seller.
You may even want to consider a quick brainstorming session with your lender, closing office, inspector, etc. to ensure you’ve covered all the different scenarios that are arising right now. The book, What To Expect When You’re Expecting, comes to mind. What to expect when buying and selling in today’s market, look to become the educational expert for your buyers and sellers.
Once you complete this, consider giving this to your client when you first meet them and going over it in detail. My next two articles will be exactly that as I’m taking this on for my own business as well. I will put these in my listing and sales packages to provide to our clients when we first meet with them.
You are welcome to use mine once I publish the articles however I would recommend using mine as guideline to create your own as things are different from state to state and from one agent’s business to another.
As agents, most of us are working three times as hard and as long as we once did, and making half the money.
We’re spending more than ever before on marketing, gas, and energy. In many cases no one realizes the stress and time that goes into getting something to contract and then to close. Sadly, it’s quite a thankless business in many cases.
Look to give acknowledgment, appreciation and respect to your fellow agents out there. All of us are going through exactly the same times and while it may be a competitive business, there’s enough business out there for everyone. The easier and more pleasant we make it for each other the better off we’ll all be.
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